Scotland to ‘pioneer future of global oil and gas industry’ claims Treasury
Scotland will be at the forefront of the future of oil and gas, the Exchequer Secretary to the Treasury will claim today as Offshore Europe gets under way in Aberdeen today.
Treasury
UK Govt launch discussion paper on possible tax relief for late lift North Sea assets
The UK Government has launched a discussion paper on possible North Sea tax relief for late life assets.
Law firm welcomes discussion on North Sea tax relief
The publication of a UK Treasury paper designed to provoke discussion on North Sea tax relief has been welcomed.
North Sea oil and gas industry finally ‘coming up for air’
The North Sea is finally "coming up for air" after a tough two years, according to a leading industry expert.
Taxpayers face £24bn bill on North Sea decommissioning – reports
A warning has been raised taxpayers could face a £24billion bill for decommissioning oil and gas fields in the North Sea.
Opinion: Treasury figures no surprise to North Sea workers
News that the UK Government has incurred a loss from North Sea oil and gas production for the first time since records began is clearly very concerning.
Kemp says low oil price will lead to ‘greater emphasis’ on cost reduction but will curtail new investment
Leading oil and gas economist Professor Alex Kemp said a continued low oil price could lead to a "greater emphasis" on cost reduction, but was also likely to curtail investment in new fields and exploration. Prof Kemp made the analysis after Asco chief executive Alan Brown exclusively told Energy Voice he thought a continued oil price of $50 a barrel could be a "very good" thing for the North Sea. Brown said it would force greater collaboration between the operators and supply chain as companies were forced to work more closely together.
Oil hub will be at top ‘for decades’
First Minister Nicola Sturgeon believes Aberdeen can remain Europe’s energy capital for the next half century – with the right support from the Treasury. The SNP leader will bring her Cabinet to Aberdeen today, and make fresh calls for UK Government support for the vital offshore sector. She and her ministers will be involved in 22 visits and meetings with local companies, organisations and ordinary members of the public across the city. The First Minister said she wanted to “harness the energy we saw during the referendum campaign on both sides of the debate” and use it to tackle day-to-day issues in communities across Scotland.
Consultation launched for North Sea investment allowance
The UK Treasury has moved the launch of an investment allowance consultation forward after calls were made by the oil and gas industry. The Chief Secretary to the Treasury and Danny Alexander and the Exchequer Secretary made the announcement following a meeting in Edinburgh. The allowance, which was first announced in the Autumn Statement, is a single, basin-wide capital expenditure linked investment allowance.
Opinion: It’s time for radical actions
I’ve been told that scores of companies in and around Aberdeen are now letting go of people as the oil price-driven depression deepens in high cost oil & gas provinces around the globe. The likelihood is that several thousand jobs in our area have either gone or are about to be axed. Remember, it’s not just the UKCS that’s being hammered.